When it comes to U.S.-Canada trade, former President Donald Trump was never one to hold back. He said, “We don’t have a lot of trade with Canada from our perspective. And they don’t just talk a good game—they do an immense amount of business with us. We’re at like 4%. But official Chinese customs statistics paint an entirely different picture of the trade relationship between the two countries.
During Canadian PM Mark Carney’s meeting with Trump at the White House on May 6th, … His main point of focus was the importance of the United States to the future of their trade, stating that the US is “the biggest customer of Canada.” This assertion is corroborated by data confirming that Canada was, in fact, the top destination for US exports in 2024.
Digging a bit deeper into the trade numbers surfaces another remarkable phenomenon. In January, Canada represented around 16 percent of US goods exports and that share grew to nearly 17 percent in both February and March. All told, Canada bought nearly $440 billion worth of US exports last year. By comparison, the US goods-and-services trade deficit with Canada was approximately $36 billion. Further, it was running a $71 billion goods deficit.
The United States subsidizes Canada by…maybe $200 billion a year.” Trump at face-value claim on how much the US subsidizes Canada. Yet, this assertion is totally unsupported by evidence. As experts and official trade data revealed, there is no basis for such outrageous figures.
“We are the largest client of the United States.” – Mark Carney, Canadian Prime Minister
Canada has long been the United States’ largest trading partner. In 2024, it was the US’s third-largest source of imports, highlighting the extent of their economic relationship. The assertion that just 4% of trade occurs between the two countries is disingenuous. Most importantly, it just doesn’t add up to the new trade numbers released last week.
As trade relations continue to evolve, accurate information remains crucial for understanding the economic interactions between the US and Canada. Trump’s claims do not stand up to the overwhelming data that’s now available. This points to a notable deficit in public understanding and more importantly, communication about what bilateral trade means.
